Arkansas K-1

[fliszt]

As Gabriele, I too am working on an estate. ( in Arkansas). Client lives in MN. I believe I have to prepare an Arkansas non-resident tax return for money generated in that state. Div, Int, sale of land, and other investment income. If any one can tell me if there is anything in Arkansas State laws that I should look out for?? I've never prepared an Arkansas return before, so could use some help here.
Thanks
Larry

[Black Bart]

Wish I could

As Gabriele, I too am working on an estate. ( in Arkansas). Client lives in MN. I believe I have to prepare an Arkansas non-resident tax return for money generated in that state. Div, Int, sale of land, and other investment income. If any one can tell me if there is anything in Arkansas State laws that I should look out for?? I've never prepared an Arkansas return before, so could use some help here.
Thanks
Larry

help, but I've actually never done an estate tax return (nobody in this neck of the woods has ever had enough money to leave behind after paying for the lot and the box). Only other guy around here I know of who's from AR is ThomTax, so maybe he'll stumble onto your post.

Here's a link I came across.

http://www.finance.cch.com/pops/c50s15d170_AR.asp

P.S. If estates are taxed like ordinary non-resident human bein's, then you'd have to file an NR return and pay AR tax on those divs, int, and land sale (they only tax you on 70% of the capital gain). Here's a quote from the book: "NONRESIDENTS (Use form AR1000NR): Nonresidents who received any taxable income from Arkansas sources must file a return (regardless of marital status, filing status, or amount)."

[thomtax]

Sorry

I'm like BB - I have never done one of the returns. Heck, most of my clients don't even make enough to get out of the EIC bracket.

LT

[S T]

Question

Larry, Question for you,

Are you preparing the beneficiary's return with K-1 income that was generated from Arkansas, on form 1040 and the companion State returns

Or

are you preparing the Arkansas State Fiduciary return form equivalent to the Federal 1041 form.

Sandy

[fliszt]

Thanks everyone.

Sandy, I prepared the 1041 last year (fiscal ending Oct 08). Now I'm doint the beneficiary's K-1 for Fed 1040 and AR1000NR. This morning, I've gone ahead and filled out the schedule showing the income and there is a small tax due ($448) so that's not too bad on the income of (Arkansas) $9438. That's about 5%.
I'm going to try to wrap up the return today and hope it's correct.
Thanks again to all.